Two NY Apartment Properties Among First to Win Energy Star
- Jan 05, 2015
New York—Two Related Cos. properties in Manhattan are among the first in the nation to earn Energy Star certification for existing multifamily properties, according to the EPA. The designation means, among other things, that the properties are more energy efficient than 75 percent of similar properties nationwide.
Terrific Tenements at 423 West 48th St. and 527 West 47th St., along with 30-50 21st St., are the two. Some of their features include new, high-efficiency condensing boilers, bi-level lighting systems in public spaces, and high-efficiency ventilation fans. These particular energy efficient installations enable a building use an average of 35 percent less energy than their counterparts and make them emit 35 percent less carbon dioxide than similar properties.
The properties count as affordable, and are part of Related’s overall efforts to preserve affordable housing units. The company has renovated more than 26,000 affordable units nationwide and thus far hasn’t converted any of them into market-rate apartments.
In 2014, Related Affordable closed on affordable developments in New York, Illinois, New Jersey, Florida, Virginia and Wisconsin, adding 1,570 units to its portfolio. Currently the company owns or manages about 45,000 units of affordable and workforce housing.
The EPA only started designating existing apartment buildings late last year. Besides the Related properties—which count as three for the purposes of the agency’s Energy Star program—14 other properties have so far won the designation. Peter Cooper Village and Stuyvesant Town were the only other ones in New York, while properties in Chicago, Seattle, Washington, D.C., Boston and a few other places were also on the list.